My House is Listed with XXXX but can YOU tell me a good list price?

By
Real Estate Agent with Your Town Realty

I have had owners of houses already listed ask me what I thought their house should be listed at.  That is a touchy area to be put in.. any advice that we give a seller that has a house listed with another agent is like watering a fire with gasoline.  We are going to end up burning ourselves. 

My House is Listed with XXXX but can YOU tell me a good list price?

When I do get that question.  I always ask the seller;
What is the current price of your house now?
Is that your price decision or your Realtors recommendation?
Are you happy with the price?
(if yes) That's great
(if no) Sorry to hear that, what would it take to make you happy with the price?"
What are you looking for in asking me about your List price?
(Whatever answer they give me, I talk to them about talking with their agent about it)

It's much better to find a solution to their question and be respectful of the other agent than it is to quote them my opinion of the list price... which will end up burning me in the end.

Comments (8)

Delores Campbell
Keller Williams Realty - Chesterfield - Wildwood, MO
Your St. Louis Real Estate Resource

Steve, puts you in a touch situation but I think the way you handled it with the questions is great.  You are not taking sides and giving your opinion.

Oct 21, 2011 04:17 PM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Steve, I am sure the seller is asking this question because the house is NOT selling! I fortunately use an 'Code of Ethics' reason for not telling them 'my' price - as it is unethical to talk to seller about price for a listing already on market by some other agent.

Oct 21, 2011 04:22 PM
Steve Warrene
Your Town Realty - Lower Burrell, PA
Pittsburgh Real Estate Investment Specialists

Delores, I well not say anything negative about another agent regardless of the situation and I don't want to step on any ones toes either.  But I always leave the door open.

Praful, You are right, they are typically asking due to the fact that their house is not selling.  It's very unethical to talk to them about it, sadly it happens here often.  I will not cross that line.

Oct 21, 2011 04:40 PM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I really like the way you handle this. Not taking sides is important. Finding out the reason for the inquiry is very important.

Oct 21, 2011 04:41 PM
Steve Warrene
Your Town Realty - Lower Burrell, PA
Pittsburgh Real Estate Investment Specialists

Debbie,  I will probably work with that agent in the future or may have in the past.  But either way I do not want to have a seller that I told them _____ with my name.  We are not competitors in this business but work associates.

Oct 22, 2011 02:26 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Steve. I have no issue at all discussing the market value of thier property and sending them an analysis. Contrary to Praful's response this is not an ethical violation at all (according to the Realtor CoE). As long as they contacted us first we can freely discuss whatever we want as long as we are not badmouthing the other agent. In fact we can even have them sign a listing agreement that kicks in once their current agreement expires.

Oct 22, 2011 02:38 AM
Steve Warrene
Your Town Realty - Lower Burrell, PA
Pittsburgh Real Estate Investment Specialists

Bryant, that is different than us in PA.  We are first to ask if they are working with an agent and do they have a business relationship signed with them?  If so we are not allowed to provide any information that may conflict with the contract between the seller and other agent.  It happens and fines are levied against those that are reported.

Oct 22, 2011 02:54 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Steve, Is that a law or MLS rule? Just curious because we all have the same Code of Ethics if we are Realtors(R). Or is it just a local custom?

Having said that I agree that we are not to interfere with existing contracts. However, I disagree that providing information and or answering questions from a consumer that has contacted us is interfering with a contract. Our CoE is not designed to stop us from using aggressive business practices. These are the SOPs that apply to the particular situation you have mentioned.

  • Standard of Practice 16-1
    Article 16 is not intended to prohibit aggressive or innovative business practices which are otherwise ethical and does not prohibit disagreements with other REALTORS® involving commission, fees, compensation or other forms of payment or expenses. (Adopted 1/93, Amended 1/95)
     
Standard of Practice 16-8
The fact that an exclusive agreement has been entered into with a REALTOR® shall not preclude or inhibit any other REALTOR® from entering into a similar agreement after the expiration of the prior agreement. (Amended 1/98)
Standard of Practice 16-6
When REALTORS® are contacted by the client of another REALTOR® regarding the creation of an exclusive relationship to provide the same type of service, and REALTORS® have not directly or indirectly initiated such discussions, they may discuss the terms upon which they might enter into a future agreement or, alternatively, may enter into an agreement which becomes effective upon expiration of any existing exclusive agreement. (Amended 1/98)
Oct 22, 2011 09:13 AM